|Over a week ago|
Customers Bancorp price target raised to $22 from $21 at B. Riley Securities » 08:1411/0411/04/20
B. Riley Securities…
B. Riley Securities analyst Stephen Moss raised the firm's price target on Customers Bancorp to $22 from $21 and reiterates a Buy rating on the shares following the company's disclosure of an amended agreement with Megalith to allow for the distribution of BankMobile Technologies stock to shareholders. The analyst likes the amendment saying it "directly monetizes value for shareholders."
Customers Bancorp upgraded to Buy from Neutral at B. Riley Securities » 09:2410/3010/30/20
B. Riley Securities…
B. Riley Securities analyst Stephen Moss upgraded Customers Bancorp to Buy from Neutral with a $21 price target. The analyst sees an attractive valuation with the shares at 53% of tangible book value.
Customers Bancorp reports Q3 core EPS $1.20, consensus $1.01 » 17:4810/2810/28/20
Q3 net interest margin,…
Q3 net interest margin, excluding the impact of PPP loans, was 2.86%, an 11 basis point decline from Q2 and a 3 basis point increase from Q3 2019.
|Over a month ago|
Customers Bancorp management to meet virtually with B. Riley FBR » 08:5809/2309/23/20
Virtual Meeting to be…
Virtual Meeting to be held on September 23 hosted by B. Riley FBR.
Customers Bancorp sees FY20 operating EPS near $3.00, consensus $3.63 » 08:3509/1509/15/20
The company said,…
The company said, "Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the "Bank"), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank's multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank's credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan. Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million or 4.0% of total gross loans at August 31, 2020 from $750.5 million or 7.3% of total gross loans at July 24, 2020. The improvement was driven by the investment CRE, multifamily, and hotels categories. Looking forward, we anticipate active deferments to decline to approximately $271.2 million or 2.5% of total gross loans at the close of Q3 2020 and fall steadily through year-end. As the COVID-19 crisis continues, we believe we are well positioned with respect to credit quality compared to similarly sized U.S. banks. Loan exposure to at-risk industries as identified by Customers totaled only $686 million or 6.5% of total gross loans excluding the PPP balance at June 30, 2020, well below the median at-risk percentage for our asset class. These industries include hospitality ($413 million), energy and utilities ($79 million), colleges and universities ($65 million), CRE retail sales ($54 million), franchise restaurants and dining ($51 million), and entertainment-only businesses ($24 million), using data as of June 30, 2020. In addition, we would note that the Bank has only modest exposure to construction and development loans (6/30/20: $129 million, 1.2% of loans), a business line that has fared poorly across the banking industry in prior economic downturns."
|Over a quarter ago|
Customers Bancorp subsidiary to merge with Megalith Financial and spin off » 09:1308/0608/06/20
BankMobile Technologies, a subsidiary of Customers Bank (CUBI), and and Megalith Financial (MFAC), announced that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as BM Technologies and expects to be listed on the NYSE. The transaction reflects an enterprise value for the company of $140M. All BMT serviced deposits and loans will remain at Customers Bank immediately after the closing of the transaction. Upon the closing of the transaction, BM Technologies will be a financial technology company bringing banks and business partners together through its digital banking platform. The business combination transaction reflects an enterprise value for the company of approximately $140M. Customers Bank is to receive approximately $97M in consideration comprised of cash, stock in the company, and approximately $10M in value attributed to a new technology license with BMT, with the total consideration subject to potential adjustment based on certain factors described in the merger agreement for the business combination. In addition, at the closing, Customers Bank may be repaid a portion of the $40M debt owed to it by BMT with the new company assuming any unpaid debt. MFAC has received binding commitments of approximately $20M for a common stock private placement, which commitments exceed the minimum cash closing condition required by the merger agreement. MFAC's sponsor entity will forfeit the vast majority of its founder shares at the closing of the transactions. The cash component of the consideration will be funded by a portion of MFAC's cash in trust as well as a private placement from institutional investors and MFAC's sponsor that will close concurrently with the closing of the business combination, in addition to BankMobile's cash on its balance sheet in excess of an agreed upon cash reserve. The balance of the consideration will consist of shares of common stock in the combined company, each to be valued at $10.38 per share. Customers Bank is expected to remain the largest investor in the company by rolling over significant equity into the combined company. Customers Bank will be subject to a standard lock-up period, but plans to reduce its ownership stake in BM Technologies gradually after the closing of the transaction. In light of the relationship between MFAC's sponsor and certain officers and directors of BankMobile's ultimate parent entity Customers Bankcorp, both MFAC and CUBI appointed special committees consisting of independent directors with full access to counsel and financial advisors. The special committees of each party reviewed this transaction and made unanimous recommendations to their respective boards of directors for approval. The transaction is structured as a forward subsidiary merger, whereby BankMobile will merge with a newly-formed subsidiary of MFAC, with MFAC's merger subsidiary continuing as the surviving entity and a wholly-owned subsidiary of MFAC. At the closing of the transaction, MFAC will change its name to BM Technologies. The business combination and related equity financing are expected to close in Q4, pending MFAC stockholder approval and regulatory approval.
Customers Bank appoints Eric Holmquist as Chief Risk Officer » 09:0708/0508/05/20
Customers Bank announced…
Customers Bank announced Eric Holmquist joined the institution as Executive Vice President and Chief Risk Officer. Most recently, Holmquist served as managing principal, enterprise risk management at Capco.
Customers Bancorp reports Q2 core EPS 61c, consensus 44c » 07:4607/3007/30/20
Reports Q2 core revenue…
Reports Q2 core revenue $114.6M, consensus $95.1M. Reports Q2 book value per share $24.62. Reports Q2 CET1 capital ratio 10.64%. reports Q2 net charge-offs .32%.
Customers Bancorp files $500M mixed securities shelf 16:0906/1906/19/20
Customers Bank appoints Daniel Park as SVP, treasurer » 11:0406/1806/18/20
Customers Bank announced…
Customers Bank announced Daniel Park has joined the bank as SVP and Treasurer. In his new role, Park will establish relationships with Customers Bank's business leaders to ensure Treasury is effectively delivering funding solutions to the bank's clients. He will also be responsible for continuing to enhance relationships with the bank's regulatory stakeholders as he focuses on investment portfolio management, liquidity and funding capital stress testing, as well as risk management. Most recently, Park served as Managing Director, Americas Capital Planning and Strategy at UBS.